Gabelli Funds LLC Buys New Stake in Hess Midstream Partners LP $HESM

Gabelli Funds LLC purchased a new position in shares of Hess Midstream Partners LP (NYSE:HESM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,000 shares of the company’s stock, valued at approximately $564,000.

Other institutional investors also recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Hess Midstream Partners in the fourth quarter valued at $92,288,000. Bank of New York Mellon Corp increased its position in Hess Midstream Partners by 67.5% during the 1st quarter. Bank of New York Mellon Corp now owns 3,752,002 shares of the company’s stock worth $145,840,000 after purchasing an additional 1,512,007 shares in the last quarter. Alps Advisors Inc. raised its stake in Hess Midstream Partners by 3.4% in the 4th quarter. Alps Advisors Inc. now owns 30,303,091 shares of the company’s stock valued at $1,045,457,000 after purchasing an additional 1,007,846 shares during the last quarter. Lazard Asset Management LLC raised its stake in Hess Midstream Partners by 1,110.7% in the 1st quarter. Lazard Asset Management LLC now owns 1,069,244 shares of the company’s stock valued at $41,562,000 after purchasing an additional 980,929 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in Hess Midstream Partners by 179.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 1,209,075 shares of the company’s stock valued at $46,561,000 after purchasing an additional 776,924 shares in the last quarter. 98.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

HESM has been the topic of several analyst reports. Morgan Stanley reaffirmed an “underweight” rating and set a $39.00 price target on shares of Hess Midstream Partners in a research note on Tuesday, July 21st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Hess Midstream Partners in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $37.67.

Hess Midstream Partners Stock Performance

Shares of HESM stock opened at $39.13 on Friday. The company has a 50 day moving average price of $39.17 and a 200 day moving average price of $38.71. The firm has a market capitalization of $8.07 billion, a price-to-earnings ratio of 13.49 and a beta of 0.52. The company has a debt-to-equity ratio of 9.39, a quick ratio of 0.77 and a current ratio of 0.77. Hess Midstream Partners LP has a one year low of $31.63 and a one year high of $41.80.

Hess Midstream Partners (NYSE:HESM) last released its quarterly earnings data on Monday, August 3rd. The company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08. The company had revenue of $399.00 million for the quarter, compared to analyst estimates of $395.96 million. Hess Midstream Partners had a return on equity of 92.18% and a net margin of 23.23%.The firm’s revenue was down 3.7% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. Sell-side analysts anticipate that Hess Midstream Partners LP will post 2.94 EPS for the current year.

Hess Midstream Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Thursday, August 6th were paid a dividend of $0.7888 per share. This is a positive change from Hess Midstream Partners’s previous quarterly dividend of $0.78. The ex-dividend date was Thursday, August 6th. This represents a $3.16 dividend on an annualized basis and a yield of 8.1%. Hess Midstream Partners’s payout ratio is currently 108.97%.

Hess Midstream Partners Company Profile

Hess Midstream Partners LP, formerly traded on the New York Stock Exchange under the ticker HESM, is a midstream energy partnership that owns, operates and develops crude oil, natural gas and produced water infrastructure in the Williston Basin. The company’s assets include crude oil gathering and transportation systems, saltwater disposal wells, natural gas processing and fractionation plants, and associated pipeline and storage facilities. Its integrated network is designed to support upstream production by providing gathering, processing, storage and marketing services for hydrocarbons and produced water.

Headquartered in Houston, Texas, Hess Midstream Partners primarily serves producers operating in North Dakota and Montana’s Bakken Shale region.